Reliance, BP Plan $5 Billion Investment in India Gas Block

By

Saurabh Chaturvedi

Feb. 19, 2013 11:19 a.m. ET

NEW DELHI--BP PLC and Reliance Industries Ltd. plan to jointly invest more than $5 billion in the next three to five years to boost natural-gas production in a block off India's east coast, the companies said Tuesday.

Reliance is struggling with declining output at the block in the Krishna-Godavari basin, India's largest gas discovery. The fall in output has affected natural-gas supplies in India, hurting plans of industries...